Elon Musk’s position as the richest man in the world might be in jeopardy.
Most of Musk’s wealth comes from his company Tesla, which he owns 13% of.
But for the first time in the company’s history, it hasn’t met its targets.
And Musk’s personal fortune has taken a hit.
On Thursday, Tesla revealed its sales report for the third quarter.
Musk has recently employed a new strategy which has not resulted in the increase in sales that he hoped for.
He’s been drastically reducing the prices of Tesla vehicles in a bid to boost sales.
But this move hasn’t been enough and Tesla’s stock price has dipped by 9.3%.
As a result, so has Musk’s bank balance.
The company delivered 435,059 vehicles this quarter.
And because of the price cuts, its profit margins hit a record low.
But with just a few months left of 2023, Musk reckons he has a secret weapon that will turn his year around: the Cybertruck.
Tesla will be making the first truck deliveries at the end of November.
And with nearly 2 million pre-orders placed and a huge amount of hype generated, it’s totally possible that the Cybertruck will get Tesla’s earnings back on track.
Musk is the richest person in the world, with a net worth of $231 billion dollars according to Forbes.
After Tesla’s dip in the stock market, he is $16 billion poorer.
That’s nearly 7% of his wealth.
X users were less than sympathetic when hearing the news.
“In identical news, I just dropped a penny and it rolled into the gutter,” one commenter said.
“So no vacation on Mars this weekend?” another said.